In October 2012, PIDC closed on a New Markets Tax Credit (NMTC) financing for the adaptive reuse of a former factory complex in the South Kensington neighborhood of Philadelphia. Oxford Mills is a $37.8 million mixed-use project that will develop 114 apartments marketed primarily to Philadelphia’s public school teachers, 38,000 square feet of office space for education and social service nonprofits and a 1,300-square-foot café. Twenty-three apartments will be rent restricted to people earning less than 80 percent of the area median income. The two buildings are undergoing major restoration while retaining the historic features.
It is fitting that Oxford Mills—one of the great textile manufacturing complexes in Philadelphia —be reborn into a center that attracts individuals and organizations that work to strengthen Philadelphia’s communities today. Erected in seven stages (between 1873 and 1913), Oxford Mills was once the largest dye works factory in the South Kensington neighborhood, and the largest recycler of surplus cotton in Philadelphia. The complex, totaling 170,000 square feet, represents a significant era in Philadelphia’s textile history. After decades of industrial productivity comprising a wide variety of uses, the buildings will undergo a historically-certified restoration using sustainable design and building methods.
The project developers, Seawall Development LLC and D3 Development, will model Oxford Mills after similar Seawall projects in Baltimore. PIDC provided $15 million in New Markets Tax Credit allocation, Enterprise Community Investment, Inc. provided $10 million and the National Trust Community Investment Corporation provided $9 million. TD Bank was the equity investor for the full NMTC allocation and provided $17.8 million in term debt and $6.3 million in historic tax credit equity.
Oxford Mills will create an affordable living and commercial space, and transform the underutilized buildings into a vibrant, supportive environment where educators and nonprofits can collaborate and thrive. Teach for America, a strong supporter of the two-building project, will occupy 14,000 square feet of the east building’s office space with several other nonprofit organizations. Sixty-eight rental units are designated as affordable for new teachers who will receive discounts on the rent.
For more information on Oxford Mills, please visit www.theoxfordmills.com.
To learn more on how PIDC can help your business or nonprofit organization grow in Philadelphia through our financing and real estate resources, please contact Chamor Hollinger at 215.496.8157 or firstname.lastname@example.org.